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The Bedford, Mass.-based company also said its legal counselp and audit committee were reviewing revenur bookings within its precision technology divisiojn for the same periods to determine whether similar adjustmentsare needed. GSI (Nasdaq: GSI) said the affected revenuee stemmed from accounting errorsd and the timing recorded forcertain transactions. Expectedx adjustments include: The situation has caused the compan to delay the release of its financial results to Last month, GSI said it was nearing a point when it coulrd restate those results and submit to regulators results from its fiscakl first quarter ended April 3.
the company said its filinf delays have prompted a delisting notice from the and triggerer negotiations with creditors to restructureits . GSI said in its regulatorhy filing Tuesday that on June 11 it stoodc beforethe Nasdaq’s Listing Qualificationsw Panel to request a stay of its pendiny delisting. The company is still awaiting a ruling on the In June, GSI said a declinw in bookings in the fourth and first quarters forced it to restructure its operations and shave millions in costz from its books. The company cut 158 workere in the first quarter and another 16 employeeain April. Those changes will resultr in roughly $9 million in annuaol savings.
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